Monday, April 21, 2008

Larwyn's Link Kerplosion: Times delinks Iraq and oil prices

It’s rather amusing watching the liberal media in full-scale attack mode on George Stephanopolis and Charles Gibson, with the Washington Post’s Tom Shales as the general leading the charge. Oh my gosh! Their hero Obama has been wounded!

Look, here’s the deal: Obama bungled the tax question, big time. Period. End of sentence. End of story. To my liberal friends out there all I can say is: Get over it. Your guy has a very poor grasp of basic economic principles.

First off, you don’t raise taxes during a recession. That’s a no-brainer. Second, doubling the capital-gains tax affects Americans up and down the income ladder, not just rich hedge-fund managers. In addition, capital-gains tax cuts are self-financing, and they stimulate jobs and the economy. You want to raise budget revenues? Cut the cap-gains tax rate. That’s what history shows. Finally, hiking the payroll tax also affects people up and down the income ladder.

When Mr. Carter was given the heave ho, the Misery Index, an index combining rates of inflation and unemployment, was at an all time high of 21.98% — up from 13.5% when he was elected in 1976. After his last full year as president inflation was at 13.5% and unemployment at 7.2%.

Today the Misery Index is at 8.83%, though the Democrats have not a nice thing to say about Mr. Carter’s Republican successors.

...I was struck by the words of Oscar van den Boogaard, a Dutch gay humanist (which is pretty much the trifecta of Eurocool). Reflecting on the Continent's accelerating Islamification, he concluded that the jig was up for the Europe he loved, but what could he do? "I am not a warrior, but who is?" he shrugged. "I have never learned to fight for my freedom. I was only good at enjoying it."

Sorry, it doesn't work like that. If you don't understand that there are times when you'll have to fight for it, you won't enjoy it for long. That's what a lot of Reade's laundry list – "gun-totin'," "military-lovin'" – boils down to. As for "gay-loathin'," it's Oscar van den Boogaard's famously tolerant Amsterdam where gay-bashing is resurgent: The editor of the American gay paper the Washington Blade got beaten up in the streets on his last visit to the Netherlands.

God and guns. Maybe one day a viable society will find a magic cure-all that can do without both, but Big Government isn't it.

Barack Obama’s presidential campaign has worked to assure uneasy gun owners that he believes the Constitution protects their rights and that he doesn’t want to take away their guns.

But before he became a national political figure, he sat on the board of a Chicago-based foundation that doled out at least nine grants totaling nearly $2.7 million to groups that advocated the opposite positions.

I am no fan of the war in Iraq, but it simply has not been a major contributor to the financial crisis and the impending recession. The high price of oil is largely the result of strong demand, notably from China and India, pressing against a limited supply. The global oil supply is growing more slowly than it could because of politics and policies in many places — Russia, Mexico, Nigeria and Venezuela as well as the Middle East. Fears that the turmoil in Iraq might spread have probably given a boost to oil prices, but nowhere near enough to account for the huge price surge...

One sign that the war in Iraq is not the primary cause of the rise in oil prices is that metals and commodity prices across the board have risen sharply. Surging demand in Asia, coupled with supply that grows only slowly when prices increase, is the main story not only for oil, but for commodities broadly. The sinking value of the dollar has also played a role.

William Jefferson Clinton watched the two cheerleaders give him a manicure, and realized he missed Rush Limbaugh. The man was always good for a laugh, particularly when he played Hillary’s cackle over and over, or Farrakhan going off about the mothership. The reenactment of the Fairness Doctrine had closed down Rush, and the rest of the talkers who wouldn’t dance to the new tune. You could spin the dial for an hour and never hear anything that got your blood pumping...